Recently, we’ve been analyzing ZIP codes in terms of their home values, and going state by state identifying the most expensive ones. In a past study of the most expensive ZIP codes, we took a good look at Pennsylvania. We’re heading west, intending to do a grand sweep through the Old Midwest and Great Lakes states. This time around the focus is on Michigan, a state — like many others these days — with great inequalities of wealth. There are places that have traditionally been expensive, like Grosse Pointe, but also some up-and-comers.
So, read on to find out the most expensive ZIP codes in Michigan in 2024, relying on data from Zillow’s home value index and the Census Bureau.
The Most Expensive ZIP Codes in Michigan
Using data from Zillow’s home value index, we analyzed thousands of ZIP codes across the United States. We’ve been identifying the most expensive ZIP codes on various geographic levels, including on the state-level and on the city-level. Here, we’re going on the state-level with what are the most expensive ZIP codes in Michigan.
As part of our analysis, we took into consideration the latest monthly home values Zillow has — September 2024 — as well as the average of 12 months of median home values from October 2023 to September 2024, in order to gain a fuller picture.
Below are the 25 most expensive ZIP codes in Michigan.
Michigan, like some other Great Lakes states, boasts some expensive ZIP codes along its many shores. Many of the most expensive ZIP codes in Michigan tend to be expensive housing markets along Lake Michigan and its subsidiary bodies of water.
The Top 5 Most Expensive ZIP Codes in Michigan
The No. 1 most expensive ZIP code in Michigan is 49654, covering North and South Manitou Islands as well as Leland on the mainland. The Zip code is about 26 miles from Traverse City and Leland lies along the shore of northern Lake Michigan. And the lakeside homes are quite exquisite, and expensive of course. The median home value rose by a solid 3.8% month-over-month, from $1.229 million in August 2024 to $1.237 million in September 2024. Even more impressive, the median grew by 76.4% over five years, from $700,882 in September 2019 to the $1.237 million today. Incomes are high here, but not as high as one might have thought. The median household income is $99,167 and the mean household income is $113,616. But 22.5% of households earn between $150,000 and $200,000.
The No. 2 most expensive ZIP code in Michigan is 49674. It is also part of a lake town, along the shores of Grand Traverse Bay. ZIP code 49674 also has elegant lakeside homes. Incomes in ZIP code 49674 are interesting: The median household income, $115,536, is actually higher than the average household income, $97,081; typically, though not always, the opposite is true. About one-fifth of households in ZIP code 49674 earn $35,000 to $49,999 a year. Home values have appreciated at a strong rate: 38%, from a median home value of $683,624 in September 2019, to a median of $943,733 in September 2024.
The No. 3 most expensive ZIP code in Michigan — 49116 — covers an area along the shores of southern Lake Michigan, not too far from the Indiana border. The average household income in 49116 is $179,832, with 47.5% of households earning over $100,000 a year. Meanwhile, nearly a quarter (23.7%) of households earn only $35,000 to $49,999, and another 20.3% of households earn between $15,000 and $25,000 a year. In September 2024, the median home value in ZIP code 49116 reached $941,168, which is up a very solid 3.2% from the previous month’s $912,297.
The fourth most expensive ZIP code in Michigan is 49648, which is on the opposite side of Grand Traverse Bay from the No. 2 most expensive ZIP code 49674. ZIP code 49648 is centered on Creswell, but also covers all or portions of Torch Lake, Eastport, and Kewadin. Like some of the other expensive lake town ZIP codes, incomes here can be deceiving. For example, the median household income in ZIP code 49648 is $85,995 — higher than the Michigan and national medians, but nothing to write home about. However, 35% of households in 49648 earn $100,000 or more per year. This ZIP code is very much an up-and-comer. Five years ago, the median home value in 49648 was $417,197 in September 2019, but by September 2024 the median home value had nearly doubled, reaching $801,431. Even the month-on-month growth is astounding: 6.1%, up from September 2023’s $755,206.
The fifth most expensive ZIP code in Michigan is 49796. It is centered on the unincorporated community Walloon Lake, which, understandably, lies along Walloon Lake. So, yes, we have yet another expensive lake town ZIP code. The median household income in ZIP code 49796 is $89,219, while the average household income is $141,607, notably much higher than the median. Here’s another ZIP code that has seen absurd home value appreciation. Back in September 2019, the median home value was $477,256. The median proceeded to rise by 60.7% over five years, before reaching $766,741 in September 2024.
The Bottom Line on the Most Expensive ZIP Codes in Michigan
Looking at the top 25 most expensive ZIP codes in Michigan, the vast majority are those covering lakeside towns and cities. Back in the day, the suburbs around Detroit would’ve filled more of the list. There are seven ZIP codes in the Detroit metro area that made the top 25 most expensive in Michigan.